Insurance in the Cloud - An Agile Approach to Innovation


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As Insurance Companies enter a new “dynamic” marketplace where decisions are made on value in addition to cost, insurers are putting resources towards building consumer confidence, driving agent loyalty, and improving business insight and productivity.

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Insurance in the Cloud - An Agile Approach to Innovation

  1. 1. Insurance in the CloudAn Agile Approach to InnovationBy Randy Rodriguez, Managing Director, Bluewolf The Agile Enterprise
  2. 2. The Agile Enterprise io N cloud te insight, and accountability. In this paper, What is Cloud Computing? im s c we will look at this new strategic approach vi pl Rather than running business hN em e ss eN in detail and outline how Agile Business applications internally—along ology oc ta pr ti Transformation, when combined with with the IT infrastructure and oN technical expertise needed mature cloud-based technologies, enables to support them—companies insurance companies to respond faster to can access these applications customers, adapt to changes in the industry, via the Internet. The servers, maNa g Serv ed and gain a competitive edge. storage, technical expertise, and te ices upgrades are the responsibility m u t e of the provider. c ho e d to ex introduction AGILE BUSINESS Forward-thinking organizations see this TRANSFORMATION economy as a window of opportunity, and are looking to update both their internal “Insurance companies executive summary processes and their technology in order are having to change what products theyAs insurance companies enter a new to provide a foundation for growth. Enter“dynamic” marketplace where decisions cloud computing. Rather than “rippingare made on value in addition to cost, and replacing” existing and/or legacy offer and how they insurers are putting resources towards technologies, insurers can look to augment touch customers in order to make sure that all building consumer confidence, driving agent what is already in place to speed the rate loyalty, and improving business insight and of innovation. Cloud technology that is productivity. Companies that are able to low-cost, low-risk, and quick to deploy is customer touchpoints are effectively capture discriminating consumers needed to alleviate the complexity insurance convenient, integrated, IT departments typically associate with and provide intimatewill be the ones to lead the race towards growth in this new economy. The challenges any change management initiative. Matureto winning that race, including consolidation cloud platforms such as & customer service.”and commoditization, can be overcome with Salesforce CRM can enable intimate customer Kimberly Harris-Ferrantethe right strategy. interaction, drive quality and efficiency in VP Distinguished Analyst the sales process (either directly or indirectly Gartner from The Right Answer forA combination of leadership and vision, through brokers and agents), and speed time Right Now: Why Insurance Firms arecloud technology, and a method to execute Moving to the Cloud to market for new products and servicescan boost an insurer’s strategy for driving needed by insurance executives to seize this growth and profitability. Agile Business opportunity and position their companiesTransformation leverages a new way ahead of the competition. of implementing business process andtechnology changes, resulting in the rapid Additionally, insurance companies can no evolution and adoption of flexible technology longer sustain long, drawn-out technologythat can improve productivity, business projects with huge upfront costs that often join the agile conversation contact bluewolf 1-866-455-WOLF | +44 (0) 118 937 1059 2
  3. 3. Agile Business Transformation – A Cultural Shift At a Glance An Agile approach to business 1) A leadership shift that recognizes projects do not end or “go live”, but must innovation involves a cultural shift for continue to evolve as the business changes. companies, from change avoidance to change acceptance. Without a 2) A method to execute. Agile development involves a shift from an individual/ supporting internal culture, companies task oriented approach, to a team approach that involves stakeholders from will have difficulty executing an Agile across the business. development project. Key internal beliefs needed to support Agile 3) A plan for managing changes, or sustaining innovation over time. Since development include these items. projects do not end, companies need to appoint resources to respond to changes ongoing.bring business to a halt. Executives and stand out amongst a sea of competitors. “Leaders who wantIT are reassessing traditional methods Leveraging cloud technology and process to become more agileof deploying new technology, and Agile innovation, organizations can bring togetherBusiness Transformation is a new paradigm legacy, on-premise based systems, with need to lead a culturalto implement and sustain the value of cloud-based systems that by their nature revolution.”cloud based technology. An Agile approach are more collaborative, effective, and Matthew Hotle, VPfocuses on iterative enhancements. This successful at serving their customers. Distinguished Analyst & Davidmethodology helps insurance companies The result is the ability to: Norton, Research Directorintegrate cloud computing with existing Gartner from The Cultural Transition Boost Consumer Confidence: By giving to Agile Methods: From ‘Me’ to ‘We’on-premise technology for innovation in consumers multiple channels includingcustomer-facing processes, such as sales self-service, call center, mobile devices,and service, to improve customer interaction, and social networks. Increasingdrive agent loyalty, quality and efficiency, responsiveness to consumer requests.and speed time to market. Agile BusinessTransformation is about transforming Drive Sales Efficiency and Effectiveness: Bybusiness, combining new processes, flexible capturing opportunities quickly, responding totechnology, and improving incrementally— a potential customer, broker, or agent needswith the long-term goal to constantly hone before the competition, and ensuring thatall aspects of the business to increase the process continually moves opportunitiesefficiency and effectiveness. through the sales pipeline to close. Quickly Introduce New Products andthe foundation for growth Services: By offering flexibility in policyin the insurance industry terms, customized options, and designingCommoditization and consolidation are services to meet individual customeramong the major challenges insurers need needs faster than the competition. Thisto overcome. A foundation for growth in increases value to the consumer, at theface of these challenges is innovation. same time maintaining or even reducing anInnovation enables organizations to organization’s overall infrastructure. join the agile conversation contact bluewolf 1-866-455-WOLF | +44 (0) 118 937 1059 3
  4. 4. an agile approach to innovation the consumer. They need to be proactive with these intermediaries to ensure thatAn agile approach to innovation brings their products and services get in frontit all together. First, Agile Business of the consumer first. At the same time,Transformation establishes leadership andvision within a company that recognizes distributors and brokers are asking carriersthe need for continual improvement. to be easier to work with; this means gettingSecond, by integrating cloud technology more information to brokers and connectinginto your business process, along with a them to the enterprise.proven method to execute within a givenorganization, companies can support new Case Study One: Hanoverways to share information. Third, thisallows companies the ability to plan for and Insurance Group, Inc.manage ongoing change while sustaining challengetheir innovative edge in the marketplace. Hanover used a combination of legacyThe key to this approach is incremental systems along with manual processes thatimprovement through iteration so as not did not integrate with each other. This addedto interfere with business itself. Value and to their time per call and limited their fullacceptance of the new technology is gained knowledge of both customers and brokerquickly while reducing the IT footprint, in agencies. They needed a more intuitive wayturn, reducing capital expenditures. People to manage the complex and strategic naturecan be reallocated to focus on strategy in of their broker and agent operations, and transformation There was limited activity reporting, which isis achieved faster and for less cost. Finally, essential to effectively managing channelsAgile Business Transformation seeks to and organizing broker productivity. Hanovercontinually refine and hone processes was also looking to streamline access toas business dictates, driving higher value monthly actuals for both individual brokersto the organization. and across the board.Specific business processes in the insurance strategyindustry are ideally suited for Agile BusinessTransformation. These include: Salesforce CRM and Agile Business Transformation: Integration to back-end systems with partnering agent information, 1. broker/agent management campaign functionality to target agents forInsurance companies that work through certain initiatives, revenue management,distributors or brokers are not as close to and policy organization. join the agile conversation contact bluewolf 1-866-455-WOLF | +44 (0) 118 937 1059 4
  5. 5. results also wanted to increase incremental Eliminated extra work required to get selling through its service centers, but information from disparate systems needed to understand individual state and Provided a comprehensive view on broker broker restrictions to define what was calls and productivity eligible for cross selling. Enabled brokers to focus efforts on building agent relationships strategy Salesforce CRM and Agile Business2. service & support: Transformation: Workbench built on flexiblecross selling/upselling technology to support cross and up-selling.Service and support is not only respondingto customer problems and solving them, it resultsis also an opportunity to drive more revenue. Reduced the amount of systems callCross and up-selling opportunities can often center agents needed to access from 6be missed without the right processes and to 2 to get a full view of the consumer/technology in place, which allow companies broker relationshipto offer the best-suited products and Improved insight: Employees can view allservices to the right customers. policy restrictions for a better idea of what to recommend for cross-and up-selling Reduced support call time by 40%,Case Study Two: Hanover creating more revenue-generating timeInsurance Group, Inc. with customerschallenge 3. sales & support:Hanover’s business is generated throughindependent insurance agencies located contact center managementthroughout 18 states. Increasing product Contact centers represent the most directshare from independent insurance agents line to the customer. Enhancing a callis one of Hanover’s primary objectives. center and arming employees with theOnce a policy is sold, brokers can either technology and solutions (templates, scripts,service the policy themselves or they can information access) to properly manage andoutsource it back to Hanover. Hanover route customers through the sales processcreated a service center so agents could sign is critical. Cloud computing can offer distinctup for service, but had no system to handle advantages to effectively process inquiriesthese specialized support calls. The company and help reduce response times. join the agile conversation contact bluewolf 1-866-455-WOLF | +44 (0) 118 937 1059 5
  6. 6. Case Study Three: Calculate and handle commission splitsA Leading Health among several partiesCare Provider in the Automatically generate RFPs, quotes,Southeastern U.S. policies, and renewalschallenge Increase policy collaboration for improvedThe main challenge was to manage 30,000 accuracy and responseinbound calls per month and get visibilityinto how sales activities were being handled Easily integrate policy information withthrough the call center. The company wanted your back office ERP systemto tailor agents’ call scripts to each caller basedon recognized demographics and history. smart innovationstrategy with Salesforce.comSalesforce CRM and Agile Business Insurance carriers and intermediariesTransformation: Call center integration, are navigating difficult market scripting, and policy organization. Fortunately, smart technology choices can help insurers adapt quickly to this ever-results changing environment and build agility Ability to efficiently manage call activity into the enterprise. and close business on a large volume of monthly business Companies of all size—from the largest global carriers and brokers to 4. operations local, independent agents—have turnedInsurance companies can improve cross to Salesforce CRM insurance industryfunctional collaboration and productivity solutions and the platform.with a tailored solution focused on the Benefits of transitioning key insurancespecific needs of managing complex processes to the cloud include:policies. A comprehensive end-to-endsolution enables companies to centralize Improved Sales and Service Process:data in one location, replacing homegrown Coordinate every touchpoint, from inquirysystems with a single real-time data center. to policy to renewal. Sales reps, brokers,This gives companies improved visibility, and service representatives now have amanagement and control over ongoing policy 360-degree customer view and insight intoapprovals, renewals and changes. Insurance customer needs. The result: capture cross-companies can also: sell opportunities and build customers for life. join the agile conversation contact bluewolf 1-866-455-WOLF | +44 (0) 118 937 1059 6
  7. 7. Tighter Alignment With Customers, Flexibility to Change: As your business needs Call Today! 1-866-455-WOLFBrokers, and Agents: Integrated CRM and evolve, the platform provides or +44 (0) 118 937 1059Web 2.0 portals foster real-time collaboration ultimate flexibility to customize your about us >and allow insurers to better service their system or even quickly build new custom Bluewolf is your guide on the journey todistribution partners. That makes insurers applications. enterprise agility. We partner with clients to sync business and IT to create a new level ofeasier to work with, driving agent and broker business responsiveness. From cloud enabledproductivity and loyalty. summary customer life cycle innovation, to IT staffing, to agile managed services, Bluewolf knowsStreamlined Development: Cloud computing Insurance companies are looking at how to get your business to the next level ofsolutions make it easy for insurance the “new” economics of the market and innovation. Our clients include Time Warner Cable, GlaxoSmithKline, ADP, Dow Jones &companies to build powerful custom apps, all are realizing that the keys to growth Company, United Way, Chevron and more.without software, hardware, or the up-front and profitability are adaptability andinvestments and long implementations of responsiveness. Increasingly, thesetraditional on-premises software. This lets companies are looking at flexible technologyinsurers focus valuable resources on their or cloud computing for innovation. Alongcore business. with new technology, insurance IT leaders are rethinking traditional methods ofSimplicity of Integration: The deploying new applications and processes.platform simplifies integration to back-office Agile Business Transformation and cloudsystems like underwriting and billing, as well computing together provide the means toas third-party tools. All business-critical gain the most value from existing and newinformation can be right at your fingertips technology to evolve and make their markanywhere, anytime. on the new world of business. join the agile conversation contact bluewolf 1-866-455-WOLF | +44 (0) 118 937 1059 7